Calgary, January 4, 2011 – Home and condo sales
in Calgary and area remained relatively unchanged in
December 2010, indicating that a full-fl edged recovery
in the housing market has yet to take hold, according
to fi gures released today by the Calgary Real Estate
Board (CREB®).
The number of single family home sales in the
month of December 2010 were 734, compared with
November 2010, when sales were 891—a decline of
about 18 per cent. The number of condominium sales
for the month of December 2010 was 320. This was
up from the 310 condominium transactions recorded in
November 2010.
Year-over-year, the number of single family homes sold
in December 2010 in the city of Calgary were down 8
per cent. In December 2009, single family home sales
totaled 799. Condominium sales saw a decrease of 6
per cent from the same time a year ago. In December
2009, condominium sales were 341.
Looking back in 2010, total single family home sales
in the city of Calgary were 12,095, a decline of about
16 per cent from 2009, when total single family sales
were 14,440. 2010 marks the lowest number of single
family home sales since 1995, when 9,534 single
family homes were sold. Total MLS® sales for Calgary
and area in 2010 were 21,789, a decline of about 15 per
cent from 2009, when total MLS® sales for Calgary and
area were 25,719. This is the lowest number of total
MLS® sales for Calgary and area since 2000, when total
MLS® sales were 20,488.
“Undoubtedly housing markets in Alberta and Calgary
underperformed in 2010, as sales recoveries did not
materialize as forecasted. In many ways, re-sales
in 2010 showed a repeat of 2008, with a short lived
resurgence in the fi rst few months, when confi dence
returned to the market,” says Diane Scott, president of
CREB®.
“Employment and net-migration have been slower to
pick up here in Calgary—and these are key drivers
of our housing market. The good news is we are
now seeing marked improvements in investment and
employment in the energy sector. We believe these
green shoots in our economy, supported by improved
affordability and low interest rates, will eventually
translate into a gradual recovery of our housing market
as we move into 2011,” adds Scott.
The average price of a single family home in the city
of Calgary in December 2010 was $441,341, showing
a 3 per cent decrease from November 2010, when the
average price was $455,460, and a 2 per cent decrease
from December 2009, when the average price was
$451,349. The average price of a condominium in
the city of Calgary in December 2010 was $282,768,
showing a 1 per cent decrease from November 2010,
when the average price was $284,667 and a 2 per cent
decrease over last year, when the average price was
EMPLOYMENT AND MIGRATION NEEDED TO SHAKE OFF WINTER CHILL
Low Interest Rates and Affordability to Support Housing Recovery in 2011
$288,640. Average price information can be useful in
establishing trends over time, but does not indicate
actual prices in centres comprised of widely divergent
neighbourhoods, or account for price differentials
between geographical areas.
The median price of a single family home in the city
of Calgary for December 2010 was $389,000, showing
a 3 per cent decrease from November 2010 when the
median price was $399,900. This was a 3 per cent
decrease from December 2009, when the median price
was $401,000. The median price of a condominium
in December 2010 was $258,500, showing a 2 per
cent increase from November 2010, when the median
price was $253,300, and a 2 per cent decrease from
December 2009, when it was $265,000.
All city of Calgary MLS® statistics include properties
listed and sold only within Calgary’s city limits. The
median price is the price that is midway between the
least expensive and most expensive home sold in an
area during a given period of time. During that time,
half the buyers bought homes that cost more than the
median price and half bought homes for less than the
median price.
“Supply outstripped demand in the second half of 2010,
establishing conditions for a buyers’ market. Overall
we did see signifi cant improvements in affordability in
the Calgary market in 2010—and I think the message
to prospective buyers is that this is a great time to buy
if you’re looking for good selection, specifi c locations
and price points. The median price did indeed decline
in 2010, signaling a year-over-year price correction
of about 2 per cent for single-family homes, just over
4 per cent for condos and 6 per cent for the outlying
towns,” adds Scott.
Single family listings in the city of Calgary added for
the month of December 2010 totaled 744, a decrease
of 44 per cent from November 2010 when 1,318 new
listings were added, and showing a decrease of 8 per
cent from December 2009, when 806 new listings
came to the market.
Condominium new listings in the city of Calgary added
for December 2010 were 369, down 42 per cent from
November 2010, when the MLS® saw 632 condo
listings coming to the market. This is a decrease of 17
per cent from December 2009, when new condominium
listings added were 444.
“There has been some curbing of inventory levels
during the last three months of 2010, albeit at a slow
pace. Early 2011 will see inventory levels adjust,
resulting in a gradual return to a more balanced and
sustainable housing market. All in all we believe it will
be a slow and gradual warm up in 2011, but it will take
some time for the housing market to bring inventory
levels down and shake off these winter blues,” says Scott.

Taken from Calgary Real Estate Board December Stats.